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In 2009, as many as 22 Subjects boasted a surplus of their consolidated budgets (vis-avis 39 ones in 2008) The aggregate volume of the budget surplus in these regions accounted for Rb. 48.6bn, or 3.9% of the amount of the revenue part of their budgets (in 2008 Rb. 84.0bn, or 3,9% pf the revenue part of their budgets). The median level of the budget surplus made up 1.8% of the revenue part of the budget.

The greatest surplus-to-revenue-level ratio was registered in Chukotka AO 22.9%, Yamal-Nenetsky AO 13.7%, Primorsky Krai 12.7%. Nearly three-fourths (72.6%) of the aggregate surplus of the consolidated regional budget was secured by 4 Subjects of RF: YamalNenetsky AO 25.0%, or Rb 12.1bn., Primorsky Krai 24.9%, or 12.1bn, Irkutsk oblast - 12.5%, or Rb 6.0bn, Chukotka AO 10.3%, or Rb5.0 bn.

Change in the Structure of the Accumulated Debt The amount of the debt accumulated by the consolidated regional budget by current borrowings in 2009 rose by Rb.289, 632.6 mln, or 0.74% GDP (Table 3), while the regional con RUSSIAN ECONOMY IN trends and outlooks solidated budgets external debt shrank at Rb. 61.3mln and the domestic one rose at Rb289, 693.9 mln Table Net Borrowings by Regional and Local Budgets ( % ) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Borrowings by subfederal and 0.33 0.15 0.29 0.04 0.47 0.37 0.26 0.09 0.21 0.17 0.29 0.local governments, including Repayable loans from budgets 0.09 0.11 0.03 0.04 0.12 0.1 0.02 0.03 0.04 0.01 0.03 0.of other levels Subfederal (municipal) 0.01 0.05 0.27 0.07 0.16 0.31 0.29 0.09 0.14 0.08 0.17 0.bonds Other borrowings 0.43 0.31 0.01 0.02 0.19 0.6 0.03 0.11 0.10 0.09 0.Source: calculations by IET on the basis of the RF Ministry of Finance data Structure of borrowings The 2009 aggregate volume of borrowings by the regional consolidated budget accounted for Rb. 634, 384.2 mln, including external borrowings amounting 716.9 mln. Like in 2008, the sole recipient of external loans once again became Republic of Bashkortostan.

The aggregate volume of domestic borrowing by regions and municipalities accounted for Rb. 633, 667.3bn. The largest borrowers on the domestic market were: the city of Moscow Rb. 128.4 bn, Moscow oblast 86.1 bn, Republic of Tatarstan 37.7 bn, Nizhny Novgorod oblast 31.1bn, Omsk oblast 26.1 bn, whose share combined accounted for 48.8% of borrowings. When compared with 2008, the volume of domestic borrowing in nominal terms soared by Rb. 224, 588.9 mln, or at 54.9% (54.5% in real terms).

The proportion of securities issuances in the overall volume of the domestic borrowing was 24.9%, while that of loans disbursed from higher-tier level budgets was 26.9%, and another 48.2% fell on other borrowings (primarily bank loans).

It was a relative rise in the interbudgetary borrowing that became the most significant change in the structure of the regional budgets borrowings. Specifically, the proportion of budget loans soared from 5.0% up to 31.5% of borrowings by the Subjects of the Federation.

Meanwhile, the proportion of issuances of securities slid from 51.9% to 28.5% (Table 4).

Table Structure of the Subnational Budgets Domestic Borrowing (as %) 2009 2008 Regional con- Regional Regional Regional Municipal Regional Municipal Regional Municipal solidated consolidated consolidated budgets budgets budgets budgets budgets budgets budget budget budget Securities issu24.9 28.5 4.4 43.7 51.9 1.9 32.1 39.5 7.ances Budget loans 26.9 31.5 0.4 5.0 5.9 0.2 3.8 4.9 0.Other kinds of 48.2 40.0 95.3 51.4 42.6 97.8 64.2 55.6 92.borrowings The greatest net-borrowings-to-budget-revenues ratio was demonstrated by Vologda oblast 13.3%, Kostroma oblast 12.6%, Tver oblast 12.4%, Nizhny Novgorod oblast 12.3%, the city of Moscow 10.6%, Moscow oblast 10.1%, Arkhangelsk oblast 10.1% (Table 5).

The largest net borrowers became the city of Moscow Rb.107.5 bn, Moscow oblast 31.bn., Republic of Tatarstan 13.5 bn.

Section Monetary and Budgetary Spheres The following regions to a maximum extent reduced their debt: Irkutsk oblast by Rb 3.bn., Chukotka 2.3 bn, Kamchatka Krai 1.2 bn, Republic of Buryatia 1.2 bn.

Table Execution By Subjects of the Federation of their 2009 Consolidated Budgets Attracted Budget deficit (sur- Deficit (sur- Net borrow- Expenditures on Net borrowBudget revenues borrow plus) plus)/revenue ing/revenues, debt repayment/ ing/deficit (sur(as Rb. Thos) ings/revenues (as Rb. Thos), as % as% revenues, as% plus), as %, as% The Central Federal Okrug Belgorod oblast 55 738 185 303.83 4 141 897 456.85 7.43 11.39 6.51 4.88 70.Bryansk oblast 31 387 002 926.04 751 373 767.42 2.39 20.32 5.22 15.10 619.Vladimir oblast 40 718 207 912.09 82 561 357.90 0.20 0.77 0.16 0.61 18.Voronezh oblast 59 451 332 291.40 2 706 629 885.81 4.55 7.32 4.51 2.81 125.Ivanovo oblast 28 425 263 857.34 1 353 777 363.99 4.76 6.67 3.72 2.95 79.Tver oblast 45 786 911 371.16 5 704 309 284.79 12.46 20.95 12.43 8.53 153.Kaluga oblast 31 141 992 450.89 178 932 348.10 0.57 6.37 0.69 7.06 11.Kostroma oblast 18 415 962 648.28 2 314 160 317.79 12.57 33.54 12.59 20.96 79.Kursk oblast 30 979 830 613.95 431 742 233.15 1.39 1.41 1.34 0.06 56.Lipetsk oblast 36 493 848 633.88 77 425 825.09 0.21 2.26 0.20 2.07 2.Moscow oblast 314 250 834 941.90 4 732 199 172.27 1.51 27.39 10.12 17.27 249.Orel oblast 20 033 044 293.12 463 251 675.32 2.31 2.77 1.75 1.02 56.Ryazan oblast 31 841 054 833.59 2 775 178 399.94 8.72 36.26 9.39 26.87 87.Smolensk oblast 24 785 738 746.23 2 472 960 106.67 9.98 23.23 9.86 13.37 150.Tambov oblast 30 799 195 183.46 254 460 126.62 0.83 10.90 0.98 9.92 55.Tula oblast 40 522 277 745.69 3 345 337 177.76 8.26 21.18 7.43 13.75 103.Yaroslavl oblast 52 085 863 047.90 1 258 676 839.39 2.42 23.89 1.39 22.51 431.The city of Moscow 1 010 681 522 136.46 131 955 702 354.54 13.06 12.70 10.63 2.07 73.Total 1 903 538 068 937.21 164 642 710 997.20 8.65 15.50 8.74 6.75 89.North-Western Federal Okrug Republic of Karelia 25 759 648 044,26 2 305 402 787,29 8.95 20.72 8.44 12.28 63.Komi Perublic 45 363 728 617.86 2 850 722 228,58 6.28 6.83 6.25 0.58 269.Arkhangel oblast 49 264 374 992.61 5 011 886 155,35 10.17 27.01 10.14 16.87 77.Vologda oblast 40 127 334 567.89 5 451 558 165,63 13.59 15.92 13.31 2.61 82.Kaliningrad oblast 42 059 247 911.19 307 246 060,73 0.73 5.40 0.68 4.72 10.Leningrad oblast 62 356 683 976.42 1 566 942 046,21 2.51 1.71 1.55 0.16 21.Murmansk oblast 46 315 152 524.15 4 126 113 121,82 8.91 11.56 8.75 2.81 158.Novgorod oblast 23 657 894 733.01 1 008 244 977,70 4.26 6.51 4.13 2.38 59.Pskov oblast 19 824 310 562.43 55 545 966,46 0.28 0.65 0.17 0.49 4.St. Petersburg 319 796 900 044.13 6 721 153 341,07 2.10 0.51 0.50 0.01 24.Nenetz 9 463 669 651.52 54 183 204,47 0.57 0.34 0.34 0.00 5.Total 683 988 945 625.47 28 844 505 933,85 4.22 5.87 3.40 2.47 74.Southern Federal Okrug Republic of Dagestan 64 422 824 659.08 105 389 478.46 0.16 0.47 0.31 0.78 6.Kabardino-Balkar 22 532 343 177.94 481 387 007.70 2.14 4.07 2.63 6.70 282.Republic Republic of Kalmykia 9 517 889 145.16 258 982 513.48 2.72 6.56 2.70 3.86 42.Republic Northern 17 100 779 668.73 1 059 717 500.84 6.20 21.68 5.84 15.84 39.Ossetia (Alania) Republic of Ingoushetia 14 525 128 927.17 17 498 284.00 0.12 0.41 0.41 0.00 9. RUSSIAN ECONOMY IN trends and outlooks Attracted Budget deficit (sur- Deficit (sur- Net borrow- Expenditures on Net borrowBudget revenues borrow plus) plus)/revenue ing/revenues, debt repayment/ ing/deficit (sur(as Rb. Thos) ings/revenues (as Rb. Thos), as % as% revenues, as% plus), as %, as% Krasnodar Krai 152 407 324 750.44 2 061 944 122.13 1.35 3.39 1.10 2.28 83.Stavropol Krai 65 431 602 771.45 4 525 768 989.04 6.92 7.33 6.88 0.45 66.Astrakhan oblast 28 601 743 867.17 2 810 981 780.17 9.83 52.51 9.75 42.76 58.Volgograd oblast 69 188 124 673.82 4 061 254 191.06 5.87 16.94 5.57 11.37 72.Rostov oblast 112 416 246 536.20 3 033 842 816.80 2.70 2.34 2.34 0.00 52.Republic of Adygeya 12 278 164 926.59 476 407 531.90 3.88 7.20 3.45 3.75 39.(Adygeya) Karachai-Cherkess 12 330 470 530.69 316 130 455.82 2.56 8.27 2.52 5.76 84.Republic Chechen Republic 65 258 784 941.45 1 395 900 000.00 2.14 3.44 3.21 0.23 23.Total 646 011 428 575.89 19 431 651 699.08 3.01 7.60 2.91 4.69 45.Volga Federal Okrug Republic of Bashkor- 114 095 746 177.27 1 048 294 370.17 0.92 4.25 2.88 2.00 97.tostan Republic of Mary El 17 100 732 333.60 683 851 463.21 4.00 15.16 3.56 11.60 106.Republic of Mordovia 28 438 902 589.61 463 766 776.33 1.63 5.77 1.08 4.69 154.Republic of Tatarstan 140 636 971 609.40 13 859 096 321.09 9.85 26.80 9.59 17.22 111.(Tatarstan) Republic of Udmurtiya 41 325 619 958.27 3 869 225 490.95 9.36 13.92 8.42 5.50 99.Chuvash Republic 33 717 656 115.22 1 374 597 048.24 4.08 9.29 3.30 5.98 126.Chuvashiya N. Novgorod oblast 97 391 066 292.50 12 050 201 127.91 12.37 31.91 12.31 19.60 81.Kirov oblast 38 790 861 575.24 1 951 208 953.44 5.03 11.72 4.80 6.92 57.Samara oblast 100 869 798 357.36 11 266 416 099.43 11.17 6.95 4.70 2.25 50.Orenburg oblast 64 436 217 155.39 317 724 805.41 0.49 0.63 0.29 0.34 110.Penza oblast 36 635 622 192.36 1 849 468 483.76 5.05 17.77 4.99 12.78 65.Perm Krai 94 754 274 520.18 9 521 684 835.07 10.05 0.42 0.73 1.15 12.Saratov oblast 66 219 939 658.84 6 120 478 998.35 9.24 21.93 9.28 12.66 86.Ulyanovsk oblast 35 935 296 937.92 1 037 769 724.21 2.89 5.93 2.72 3.22 616.Total 910 348 705 473.16 65 413 784 497.57 7.19 13.43 5.42 8.09 78.Ural Federal Okrug Kurgan oblast 26 609 955 616.41 278 494 439.00 1.05 4.13 1.00 3.13 236.Sverdlovsk oblast 139 547 962 746.17 4 566 949 161.57 3.27 4.21 3.07 1.15 101.Tyumen oblast 125 986 129 061.88 9 069 466 515.23 7.20 0.02 0.01 0.00 0.Chelyabinsk oblast 88 251 628 590.05 3 198 267 307.95 3.62 5.05 3.51 1.53 63.Khanty-Mansy 152 434 194 732.71 8 100 391 235.13 5.31 5.25 4.88 0.36 422.Yamal-Nenetsky 88 833 384 569.03 266 527 432.49 0.30 0.17 0.10 0.27 0.Total 621 663 255 316.25 24 947 041 226.39 4.01 3.15 2.42 0.74 421.Siberian Federal Okrug Republic of Buryatiya 40 589 657 386.54 1 184 997 912.19 2.92 7.80 2.98 10.78 179.Republic of Tyva 15 709 466 795.90 32 967 603.45 0.21 0.23 0.20 0.04 4 314.Altay Krai 65 513 407 539.48 1 878 131 229.90 2.87 3.05 0.09 3.14 8.Krasnoyarsk Krai 155 429 378 758.06 10 253 929 464.12 6.60 9.87 6.44 3.43 60.Irkutsk oblast 88 570 706 990.67 3 683 909 020.37 4.16 10.89 4.15 15.04 60.Kemerovo oblast 100 372 700 771.87 4 908 780 065.61 4.89 8.86 5.60 3.27 95.Novosibsrk oblast 87 021 307 853.39 1 513 384 203.57 1.74 7.31 1.28 6.03 27.Omsk oblast 53 936 075 350.84 4 216 251 116.18 7.82 48.45 7.81 40.64 110.Tomsk oblast 39 355 954 683.63 262 992 335.63 0.67 27.21 0.81 28.01 226.Section Monetary and Budgetary Spheres Attracted Budget deficit (sur- Deficit (sur- Net borrow- Expenditures on Net borrowBudget revenues borrow plus) plus)/revenue ing/revenues, debt repayment/ ing/deficit (sur(as Rb.

Thos) ings/revenues (as Rb. Thos), as % as% revenues, as% plus), as %, as% Republic of Altay 13 455 207 734.57 435 512 296.17 3.24 7.30 2.99 4.31 56.Republic of Khakassia 17 329 509 170.82 809 185 150.66 4.67 5.41 4.61 0.80 111.Trans-Baykal Krai 40 786 572 406.14 442 092 269.18 1.08 6.02 1.03 4.99 141.Total 718 069 945 441.91 19 358 334 130.65 2.70 12.07 2.41 9.65 72.Far-East Federal Okrug Republic of Sakha 92 687 661 919.53 508 119 447.75 0.55 2.74 1.64 4.38 75.(Yakutiya) Primorskky Krai 95 290 220 866.21 1 018 820 122.19 1.07 1.64 0.79 0.85 6.Khabarovsk Krai 62 797 548 838.51 1 984 986 218.15 3.16 2.95 2.54 0.42 56.Amur oblast 40 216 389 681.58 1 469 911 098.08 3.66 7.13 3.22 3.91 132.Kamchatka Krai 38 529 006 297.27 887 766 604.30 2.30 14.37 3.23 17.60 174.Magadan oblast 19 235 725 132.52 238 777 374.59 1.24 5.80 0.77 5.03 17.Skhalin oblast 61 255 013 640.17 681 905 507.12 1.11 4.28 1.20 3.08 30.Jewish 8 655 027 425.94 48 699 734.43 0.56 0.00 0.37 0.37 12.Chukotka 21 916 647 109.90 4 229 502 807.13 19.30 13.00 10.43 23.43 45.Total 440 583 240 911.63 279 688 273.48 0.06 4.75 0.13 4.88 2.Russian Federation, 5 924 203 590 281.52 322 358 340 211.26 5.44 10.70 4.89 5.82 87.total Source: calculations by IET on the basis of the Russian Ministry of Finance data.

Domestic Bond Issues In 2009, as many as 10 Subjects of the Federation and 5 municipal entities registered their bonded issue prospectuses (the 2008 figures were 24 regions and 7 municipal entities, respectively).

The 2009 total volume of issued bonds accounted for Rb. 158.1 bn vis--vis 178.6 bn in 2008 (down by Rb. 20.5 bn in nominal terms, or 18.6% in real terms). The volume of issued sub-federal and municipal bonds over the year slid from 0.43 to 0.41% of GDP (Table 6).

Table The Volume of Issued Subfederal and Municipal Bonds (as % to ) Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Issue 0.63 0.77 0.47 0.31 0.19 0.17 0.27 0.46 0.47 0.37 0.28 0.26 0.43 0.Redemption 0.47 0.56 0.48 0.36 0.46 0.23 0.10 0.15 0.19 0.28 0.14 0.18 0.26 0.Net financing 0.16 0.22 0.01 0.05 0.27 0.07 0.16 0.31 0.29 0.09 0.14 0.08 0.17 0.Source: calculations by IET on the basis of the Russian Ministry of Finance data.

In 2009, the Russian Ministry of Finance registered issue prospectuses by the Republic of Chuvashia, Republic of Karelia, Krasnoyarsk Krai, the city of Moscow, Volgograd, Nizhny Novgorod, Tver, Samara oblasts, Khanty-Mansy AO, city of Krasnoyarsk, city if Volgograd, city of Kazan, town of Elektrostal (Moscow oblast).

The biggest bond issuers became the city of Moscow Rb.115.5bn, or 73.0% of the territories aggregate bond issue, Krasnoyarsk Krai 10.4bn, or 6.6%, Khanty-Mansy 6.0bn, or 3,8%, Moscow oblast 3.4 bn, or 2,2%. Thus, the proportion of the 4 largest issuers combined accounted for 85.5% of the overall volume of regional and municipal bonds issues.

As well, large issuers were Tver oblast Rb. 3.5bn, Nizhny Novgorod 3.0bn, Tomsk RUSSIAN ECONOMY IN trends and outlooks oblast 2.8 bn, Volgograd oblast 2.4bn, Republic of Tatarstan 2.0bn, Yaroslavl oblast 1.9bn (Table 7).

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